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India-China
trade hits BEIJING, Feb 15: India-China bilateral trade has for the first time nearly touched three billion dollars with Indian exports registering a hefty 63.5 per ......more
Jalan foresee 6 pc GDP
growth this fiscal; NEW DELHI, Feb 15: Optimistic of a six per cent growth, Reserve Bank Governor Bimal Jalan said today the bank rate would not...more LIC settles all quake SURAT, Feb 15: Life Insurance Corporation of India has settled all quake related death claims till date at its Surat division in a record time of one day.....more |
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Rs 100 cr
genomics, NEW DELHI, Feb 15: Close on the heels of western scientists sequencing....more
India, Rusia close NEW DELHI, Feb 15: After extended price negotiations, India and Russia today finally closed the deal for the purchase.....more Precious metals NEW DELHI, Feb 15: Both the precious metals, silver and gold, tumbled down on the bullion......more |
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India-China trade hits all-time high in 2000 BEIJING, Feb 15: India-China bilateral trade has for the first time nearly touched three billion dollars with Indian exports registering a hefty 63.5 per cent hike last year, official sources said here today. According to latest Chinese customs figures, Sino-Indian bilateral trade in 2000 was worth 2.92 billion US dollars, up 45 per cent over the corresponding figure in 1999. India’s exports to China amounted to 1.35 billion US dollars, up 63.5 per cent while Chinese exports to India also went up by 35 per cent to touch 1.57 billion US dollars. Commenting on the upsurge in bilateral trade, an official source said the trend was "very encouraging" and called for more interaction and exchange between the Chinese and Indian businesses. "The psychological barrier of two billion US dollars has been crossed for the first time in India-China trade," he said while emphasising that China, the world’s most populous country presents huge opportunities for Indian industries, who are quite aware of the happenings next door. "While the rest of the world has over the past 20 years been aware of and exploited the opportunities presented by the opening China market, we in India have been much slower in realising the opportunities that exist here and in grasping such chances," an official said. Moreover, China’s accession to the World Trade Organisation (WTO) in the near future would make Indian industry sit up and realise the potential of the China market. (PTI) |
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Jalan
foresee 6 pc GDP growth this fiscal; NEW DELHI, Feb 15: Optimistic of a six per cent growth, Reserve Bank Governor Bimal Jalan said today the bank rate would not be directly affected by any cut in interest rate on small savings but was silent on reports of a possible rate cut in the near future. Even if Government decides to reduce small savings rates, Jalan said there would be no "direct impact" on bank rate. "I don’t want to make any comment," he said when asked whether RBI would reduce rates following the rate cut by US Central Bank. Allaying fears that the Gujarat earthquake would drastically bring down the economic growth rate, Jalan said it would be around six per cent this fiscal and the prospects of a higher growth of 7-8 per cent in the medium term were "excellent". "The GDP growth, I think, we are expecting about six per cent or so," Jalan said when asked about the possible impact of Gujarat earthquake on the economic growth this year. Speaking at the FICCI seminar on insurance, he said despite the downturns and fluctuations, India has achieved an average growth of six per cent in the last 10 years. "Leaving aside the cyclical fluctuations, the medium-term prospect of growth is excellent ... If the economy grows at about 7-8 per cent, then there are tremendous opportunities for the financial sector. India will be a thriving and prosperous market," the RBI Governor told the participating insurers. He said the country had managed the external sector well and has become resilient with exports growing at over 20 per cent. Jalan said the inflation rate, leaving apart the oil component, was "comfortable" at four per cent. The overall inflation rate is currently at over eight per cent. Asked whether Government borrowing is expected to go up from the targeted at about Rs 1,17,700 crore following the catastrophe, he said "I have no idea. It is for the Government to decide." He said that RBI has already relaxed the ways and mean advance (WMA limits for Gujarat. "We have already done it. There is no WMA limit for Gujarat," he said. On the future course of path, Jalan said the apex bank was looking forward for a debt market that would act in a competitive way and serve the country’s infrastructure sector. "RBI has a key responsibility as debt manager to develop the debt market so that private and corporate sector can access it," he said, adding that the insurance industry was capable of providing long-term funds in the market. In this context, Jalan said banks are being encouraged, subject to certain criteria, to enter the insurance sector in various forms. On the regulatory aspect, the apex bank chief indicated that the country was evolving a mechanism of having a super regulator instead of having separate regulators for banking, insurance and capital markets. "We have now started a mechanism whereby there is close coordination between RBI, SEBI and IRDA. Over a period of time, we will see whether we need a single authority," he said. (PTI) |
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LIC settles all quake related death claims SURAT, Feb 15: Life Insurance Corporation of India has settled all quake related death claims till date at its Surat division in a record time of one day. Senior Divisional Manager of LIC’s Surat division G M Saddaligi told UNI that Rs 8.75 lakh was paid to the nominees the same day. He said LIC had set up special cells to settle the claims in Gujarat due to the quake by authorising its senior agents to issue certificates in case there’s delay in obtaining certificates from authorities. Mr Saddaligi said, apart from this LIC also announced several concessions and relaxations to the claimants or policy holders affected by the recent Gujarat quake. Waiving off the interest payable by such policy holders to the LIC on all delayed payments up to three months. He also said duplicate policy would be issued free of cost to those policy holders who lost their policy during the calamity. He said business in Surat division office had registered a growth rate of 37 per cent during the period April one 2000 to December 31 2000. (UNI) |
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Rs 100 cr genomics, molecular medicine projects cleared NEW DELHI, Feb 15: Close on the heels of western scientists sequencing human genome, the Indian Council of Medical Research (ICMR) has scrutinised 106 projects for conducting research in the field of molecular biology. The projects were scrutinised by three sub-groups, consisting of six to seven experts from fields of HIV, hepatitis, dengue, rota virus, polio, Japanese encephelitis, cholera and thalasemmia, Health Minister C P Thakur said here yesterday. The research activities would help the doctors to treat patients in a more effective manner. Proposal to set up molecular medicine departments in four centres, bioinformatics network in six medical colleges or research institutions, ethical and legal cells in medical schools and set up micro array facilities and structure biology labs in at least two centres of the country were cleared by the ICMR. There was also a proposal to set up four transgenic animal facilities in the ICMR institutions and six centres for stem cell research at the earliest, he said. Dr Thakur, himself a practicing doctor, said there was no need for replication of what had been done in the west, India would use the information and knowledge for applied areas to benefit humanity. The areas selected would be India specific. He said he would be seeking more funds from the planning commission in the next plan for genomic research activities in the country. The country may have to provide at least 850 crore for carrying out the projects. He said impact of genomics was felt very much in the field of diagnostics, therapeutics and production. Gene products of interest were very expensive in the international markets and these were presently being imported. Close link with the private industry was necessary if the country had make strides in the field. Dr Thakur said genetic susceptibility of individuals to various communicable and non-communicable diseases could be identified. There was also a need to start molecular medicine branch in all medical colleges. He said a team of experts and industries would be meeting Prime Minister Atal Behari Vajpayee to stress upon the need to encourage transgenic and animal facilities in the ICMR institutions and six centres for stem cell research at the earliest. He said research activities were going on in many institutions and the breakthrough achieved abroad would give a boost for India to catch up with rest. The institutions identified for research projects included all India Institute of Medical Sciences, PGI Chandigarh and Lucknow. One centre would be located in southern parts of the country. (UNI) |
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India, Rusia close deal for purchase of 310 T-90 MBTs NEW DELHI, Feb 15: After extended price negotiations, India and Russia today finally closed the deal for the purchase of 310 T-90 main battle tanks and also signed agreements for the production of the tanks and its weapon systems here. The three agreements were signed in the presence of Deputy Prime Minister Ilya Klebanov and Defence Minister George Fernandes who had an hour-long one-on-one meeting before going into delegation level talks. The purchase of the tanks at an estimated price of 600 million dollars was urgently required to offset the threat posed in the western sector by Pakistan which has acquired a large number of T-80 Tanks from Ukraine. India will be the first country to deploy the tank which is equipped with dynamic systems to defend it against attacks from highly accurate weapons. While the first agreement was signed by Joint Secretary (Ordnance) Ranjit Issar and Mr Sergei Shinasov, first Director General of Rosoboronexport, the other two were signed by Mr Om Prakash, Joint Secretary (Ordnance Factories) and Mr C R Mahapatra, Joint Secretary Supplies from the Indian side and Mr Shinasov. Speaking to newspersons after the signing ceremony was over, Mr Fernandes, who posed for photograhers with a model of T-90 in his hands, said India had to go into production of the tanks since the number it was purchasing was not enough. Russia, which said it can begin delivery of the tanks within a month of the deal being struck, is selling 124 of them straight off the shelf while the rest will come in semi knocked down and completely knocked down condition. They will then be assembled at the heavy vehicles factory in Avadi, Tamil Nadu. For the past two years, India and Russia have been holding talks on the T-90 which also underwent desert trials in Rajasthan although formal approval by the Government for the purchase was given in April last year. The deal was given a push when Russian President Viadimir Putin visited India in October last year and a Memorandum of Understanding was signed. (UNI) |
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Precious metals lose shine on reduced offtake NEW DELHI, Feb 15: Both the precious metals, silver and gold, tumbled down on the bullion market today on reduced offtake in the face of new stocks arrival and closed with losses. Marketmen said buying in gold was almost negligible while new stocks arrival created an excessive stock position. They said sentiment of the market remained so weak that any buying for marriages and other functions was going unnoticed. A weak trend prevailed in other asian markets where it was traded at 259.95 US dollar an ounce against previous level of 260.85, was another dampening factor. Silver ready was down by Rs.60 at Rs.7440 per kilo and weekly delivery by Rs.55 at Rs.7465 per kilo. Silver coins held unchanged at Rs.11,000/11,100 per 100 pieces. Standard gold and ornaments dropped by Rs.15 each at Rs.4370 and Rs.4220 per ten gram respectively. Sovereign were quoted at last level of Rs.3725 per piece of eight gram. Following were today’s quotations: Silver ready 7440 and delivery 7465. Silver coins buyer 11,000 and seller 11,100 standard gold 4370, ornaments 4220 and sovereign 3725. (PTI) |
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